Top 10 Travel Money Tips
For many people, exchanging currency for a holiday can be quite a scary experience although it doesn’t have to be. Before you go straight to your bank, check out our top tips for buying travel money – you might find yourself saving a few quid!
1. Look at rates – not commission. The only think you should be concerned about is the rate of exchange a currency exchange is offering you. If you are paying 0% commission rather that 8% commission, it does not matter if the rate is worse. Companies that advertise 0% commission normally make up for it by taking more with their spread anyway.
2. Buy currency in advance. The last thing you want to do is buy your travel money at the airport or even when you are overseas. Purchase your currency from a reputable bureau, or better yet from a specialist currency broker, well in advance.
3. Compare! The rates on offer can vary considerably so make sure you check the market to ensure you are receiving a fair deal. An easy way to compare rates is right here on the homepage of ExchangeCurrency.com! Another easy way to compare companies is to call each and ask them how much currency you will get for your money. Find the one that is willing to give you the most and use it!
4. Consider using a currency card. Currency cards are similar to credit cards except you preload them with money before you travel. Currency card providers normally offer far superior rates than bureaus and banks and are definitely an option worth pursuing.
5. Check debit/credit card bank charges. In some cases the cheapest option for spending money overseas is to use your bank’s debit or credit card. Speak to your bank and ask how much they charge for overseas withdrawals and what spread they take on the currency exchange. You might also find that your credit card provider is a cheaper option than using your current account. If this is the case you might want to load your credit card with your spending budget and use it over your debit card.
6. Consider upgrading your bank account. Many banks offer upgraded accounts that provide preferential services including fee free overseas withdrawals. Speak to your bank to see if such an account available and if it is worth having.
7. If you do intend on using your debit card overseas, make sure you inform the bank that you are going abroad. If you do not, there is a good chance that they will suspend its use leaving you financially stranded in a foreign country.
8. Keep track of your spending. Some countries are notorious for fraud and criminal activity. Monitor your spending so you can make sure it checks out when you get home.